City of Madison, Wisconsin | Legislative Information Center
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File #: 53633    Version: Name: Second SUBSTITUTE - Awarding up to $4.82 million from the Affordable Housing Fund and $1,980,000 in Federal HOME funds to support four development projects, selected through a City Request for Proposals (RFP) process, that will construct approximately 310
Type: Resolution Status: Passed
File created: 10/24/2018 In control: Community Development Division
On agenda: 12/4/2018 Final action: 12/4/2018
Enactment date: 12/10/2018 Enactment #: RES-18-00815
Title: SECOND SUBSTITUTE - Awarding up to $4.82 million from the Affordable Housing Fund and $1,980,000 in Federal HOME funds to support four development projects, selected through a City Request for Proposals (RFP) process, that will construct approximately 310 units of affordable rental housing in Madison, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects.
Sponsors: Samba Baldeh, Maurice S. Cheeks, Matthew J. Phair, Ledell Zellers
Attachments: 1. AHF 2018 Memo to CDBG Committee 102418.pdf, 2. AHF Recommendation Summary 2018.pdf, 3. Legistar 53312 link to applications, 4. Bayview 4% proposal Letter.pdf, 5. The Ace Apartments_ letter 11-1-18.pdf, 6. AHF Resolution 53633_Ver1.pdf, 7. SUBSTITUTE:AHF Resolution 53633_Ver2.pdf, 8. AHF 2018 Memo to Finance RE Bayview ROFR 112018.pdf
Fiscal Note
The proposed resolution authorizes $6.8 million in loans for four affordable housing projects, identified through a competitive RFP process, which will result in the development of approximately 310 units of affordable rental housing. The $6.8 million will be funded by $1.98 million of federal HOME Investment Partnership (HOME) revenue in the Community Development Block Grant (CDBG) fund and $4.82 million from the Affordable Housing Fund capital program. The federal HOME funds are included in Community Development Division’s 2018 Adopted Operating Budget, which includes approximately $6.4 million Purchased Services budget authority in the CDBG fund. The Affordable Housing Fund capital program currently has $11.16 million in available budget authority. No additional City appropriation is required.
Title
SECOND SUBSTITUTE - Awarding up to $4.82 million from the Affordable Housing Fund and $1,980,000 in Federal HOME funds to support four development projects, selected through a City Request for Proposals (RFP) process, that will construct approximately 310 units of affordable rental housing in Madison, and authorizing the Mayor and City Clerk to execute loan agreements with the developers of those projects.
Body
The 2019 Executive Capital Budget authorizes $4.5 million of new spending for the Affordable Housing Fund (AHF). In addition, it carries forward the authority to spend $1,220,500 from the 2018 Adopted Capital Budget not yet committed to specific housing projects. In addition, the 2019 Executive Operating Budget also reflects the availability of at least $5 million in 2018-2019 funds under the Federal HOME Program. This resolution draws on both resources to provide up to a combined $6.8 million in direct financial support for four proposed affordable housing developments that will also leverage federal Low-Income Housing Tax Credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA).

This resolution, if adopted, will...

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